annual report - Universities New Zealand - Te Pōkai Tara

NZVCC ANNUAL REPORT 2008FINANCIAL SUMMARY7. FINANCIAL SUMMARY*INCOME STATEMENTFOR THE YEAR ENDED 30 JUNE 2008ACTUALACTUAL2008 2007RevenueUniversity Annual Grants 996,000 984,000Administration Fees 102,989 100,520Interest Income 72,956 58,991Sundry Income 100,000 0Total Revenue 1,271,945 1,143,511ExpenditureAdministration & Office Expenses 310,852 257,692Legal & Consultancy 229,110 91,806Salaries & ACC Levies 747,675 687,2251,287,637 1,036,723Profit/(Loss) -$15,692 $106,788The New Zealand Vice-Chancellors’ Committee (NZVCC) financial statements for the year ended 30 June 2008 arethe first financial statements that comply with NZ IFRS. The NZVCC has applied NZ IFRS 1 First time adoption of NZIFRS (NZ IFRS 1) in preparing these financial statements. The NZVCC’s transition date is 1 July 2006. The NZVCCprepared its opening NZ IFRS balance sheet at that date. The reporting date of these financial statements is 30 June2008. The NZVCC NZ IFRS adoption date is 1 July 2007. For a full explanation of the transition to NZ IFRS pleasesee the financial statements for the year ended 30 June 2008.* This is a summary of the full financial accounts submitted to Parliament.Page 34